Financial advisor charged with swindling investors of $4.7 million

Daryl Davis, 45, has been indicted on fraud charges for allegedly swindling $4.7 million from investors.

According to the charges, Davis created an elaborate scheme by calling himself a “financial advisor” and guaranteeing clients they would make at least 6 percent a year if they invested with his two firms, Washington, D.C.-based Financial Assurance Corp. and Los Angeles-based Affluent Advisory Group LLC.

He also allegedly promised the victims that their investments were protected by a multinational life insurance company, which they were not.

“Davis defrauded some of his 22 victims by causing them to ‘roll over’ their retirement savings into an account controlled by Davis,” prosecutors said in a statement. “In reality, Davis did not invest the funds as promised, and none of the purported investments offered by Davis through FAC and AAG had any affiliation with the life insurance company.”

The indictment was returned Tuesday in U.S. District Court in Chicago. Read More